Blackout-financial statement presentation

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Reference no: EM13930501

Financial statement presentation

Blackout Ltd, has prepared the following statement of financial position as at 30 June 2014:

Blackout Ltd Statement of financial position as at 30 June 2014
	$000
Assets
Cash and cash equivalents	-12
Trade and other receivables	80
Inventories	20
Deferred tax assets	14
Other assets	9
Investment property	57
Less: Investment property loan	-17
Property, plant and equipment and intangible assets	397
Total assets	548

Liabilities
Trade and other payables	55
Allowance for inventory obsolescence	2
Accumulated depreciation - property, plant and equipment	30
Financial liabilities	300
Retained profits	10
Provisions	24
Ordinary share capital	100
Total liabilities	536
Net assets	1,084

Shareholders' equity
Dividend payable	5
Reserves	7
Total shareholders' equity	1,096

Additional information:

'Cash and cash equivalents' consists of $2,000 cash on hand, and a bank overdraft of -$14,000.
'Trade and other receivables' consists of trade receivables and prepayments.
'Trade and other payables' consists of trade payables, interest payable, and the company's current tax liability.

Required:

List and explain the errors need to be corrected in the above statement of financial position, to ensure that it complies with the requirements of AASB 101.

Reference no: EM13930501

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